No.5  August, 2009  
  HK economy resuming growth

The Hong Kong economy rebounded in the second quarter, benefiting from the faster growth in China and the waning of recessionary forces in advanced economies around the world.

Following a sharp year-on-year contraction of 7.8% in the first quarter of 2009, real GDP registered a smaller decline of 3.8% in the second quarter. On a seasonally adjusted quarter-to-quarter comparison, the economy resumed growth at 3.3% in the second quarter, ending the contraction in the previous four quarters, according to the preliminary figures on Gross Domestic Product (GDP) for the second quarter of 2009 released on 14 August by the Hong Kong SAR Government.
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  Further fiscal market reform urged

Hong Kong has urged more Asian economies to press ahead with more market reform to ensure they continue to thrive into the future.

Hong Kong’s Secretary for Financial Services & the Treasury, Professor KC Chan, also said Asian economies should deepen market reform through measures like developing local currency bond markets to improve the efficiency of financial intermediation.
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  Guangdong, Hong Kong to bolster co-operation

Guangdong and Hong Kong have signed eight co-operation agreements to boost collaboration and promote economic development.

Chief Executive Donald Tsang has announced the pacts which cover Hong Kong-Shenzhen service-sector co-operation; the Closer Economic Partnership Arrangement and trial schemes in Guangdong; finance; infrastructure; disease prevention; education; environmental protection; and intellectual property.
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  Air Quality Objectives Review

The Hong Kong SAR Government has launched a major new public consultation program designed to improve the city's air quality.

The four-month exercise will review Hong Kong's Air Quality Objectives (AQOs) – target standards for air quality that have been in place for more than 20 years.
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